Market TAPE is falling apart in a hurry....
Today's market slump was on heavy volume.....
Market internals were pretty poor @ close as listed below :
Down volume led by 15.15 to 1 in NYSE & 13.93 to 1 in Nasdaq
Declining stocks led by 6.06 to 1 in NYSE & 5.69 to 1 in Nasdaq
New 52 wk highs were only 64 in NYSE & 43 in Nasdaq.....
All of the above stat are not good...showing a very sick market.....
All major Indices are very close 50 DMA & MAY go below to find support
IBD saying tonight that "market in correction"
RSI numbers @ close are also very weak..near early Feb lows.....& they are :
Nasdaq 44.78
S&P 500 44.84
Dow 46.86
A defensive posture is very much needed.......
I have reduced my exposure to 30%......
Sold RIMM
Added 65% more TER @ $12.11
Portfolio is CRUS,CIEN,RFMD,TER,TSL......I am trying to FOCUS in technically healthy stocks with good fundamentals......to survive in this WEAK market.....
Many charts are breaking down..some known stocks are
below 200 DMA like RIMM,GOOG,NVDA,MRVL,PMCS,POT,PWRD,NTES,
CYOU,APWR,SPWRA, TLM,SU,CCJ......to name a few.....
VIX closed UP 18.08% @ 23.84
AH Futures are UP..
AH Asian markets are Down
AH Oil,Gold,Silver Down
BLOG does NOT give buy or sell.
Saleem
2 comments:
Saleem
Hope we have a better day today!
I think the market was looking for reasons to correct and now it has one with Greece and Euro, IMHO.
I saw some green --Hurray my KO and SEP are up. I guess our chip play in week right now.
Oh great move gettin out of RIMM, I sold my BP as the claity as to spill costs was way to risky for me.
I am so disapointed about that, BP was a good Oil stock and it fell hard on rumors of unlimited costs for the spill
Best to all
Hi C,
Market is trying to shake off jitters today....
RIMM..too much money was tied up & no strength in RIMM TAPE....so had to get out.....
Doubled up in TSL today.....
About situation like BP..one must re-evaluate once issues comes up....
Good luck with your portfolio !!!
Saleem
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